South Africa greylisted by FATF

South Africa has been greylisted by global anti-money laundering watchdog the Financial Action Task Force (FATF), it was confirmed in an update on its website on Friday.

This is for failing to adequately tackle illicit financial flows, through the relevant legislation and measures to prevent possible money laundering and terror-financing.

The country has been greylisted together with fellow African nation Nigeria, and will face being under further scrutiny by the FATF.

South Africa and Nigeria were featured under the “high-risk and other monitored jurisdictions” section.

“Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing,” the watchdog noted.

“When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes,” it added.

The rand was 0.31% weaker at R18.41 by 13:41.